Baba Ammi: “Erosion of exchange currency reserves isn’t worrying…Algeria in a comfortable juncture”

date 2017/03/08 views 332 comments 0

icon-writer By: Imène Aouimer /*/ English Version: Med.B.

Finance Minister, Haji Baba Ammi, mitigated the rapid erosion of Algeria's hard currency reserves, which will slump by the next month of July 2017 to around $ 95 billion dollars, as recently announced by the Government, saying that the situation isn’t all that serious, as he put it.

He stressed that the expected recovery of oil prices and the regulation of  the import process will allow the national Public Treasury to retrieve significant reserves of hard currency, and this will enable it to redress the country’s financial balance in the coming years.

The Finance Minister told the press on Tuesday at the Aurassi Hotel in upper Algiers, that the current financial situation is very convenient to Algeria, but the challenge now facing the Government, he said, remains the harnessing of the country’s staggering import bill and the fulfillment of the national market’s ever-increasing needs.

Mr Haji Baba Ammi pointed out to this effect that the Government’s remedial  scheme focuses on how best to reign in the enormous import bill so as to maintain a salvaging level of hard currency reserves in the state’s coffers. 

He added that the Government is currently working on the issue of import-setting quotas very seriously, but will not stop the import process as a result.

The Finance Minister further  stated that the Government’s current objective is to ensure the reduction and control of those imported materials and products we don’t need in order to encourage and to give a solid boost to the national production at all levels.

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